媒体称多家国有大行将下调存款利率、最高降25基点，本周二公告

Core Viewpoint - The upcoming adjustment in deposit rates will directly impact millions of savers and provide crucial support to the profitability of financial institutions amid ongoing pressure from narrowing net interest margins [1] Group 1: Deposit Rate Adjustments - Major state-owned banks and some joint-stock banks will lower the RMB deposit rates starting May 20, following the central bank's interest rate cut [2] - The highest reduction in deposit rates will be 25 basis points, affecting various types of deposit products, including current, fixed-term, and notice deposits [2] - Specific adjustments include a reduction of 5 basis points for current deposits to 0.05%, and fixed-term deposits will see reductions ranging from 15 to 25 basis points [2] Group 2: Policy Linkage - The deposit rate adjustment is a direct response to the People's Bank of China's (PBOC) recent policy interest rate cut of 10 basis points [3] - The PBOC has indicated that the adjustment in policy rates will guide commercial banks to lower deposit rates through a self-discipline mechanism [3] - The complete interest rate transmission path involves the impact of policy rate adjustments on money market rates, bond market rates, and ultimately on loan and deposit rates [3] Group 3: Banking Profitability - As of Q1, the net interest margin for commercial banks has decreased to 1.43%, down from 1.52% in the previous quarter, significantly below the regulatory acceptable level of 1.8% [4] - The continuous decline in net interest margins poses a severe challenge to the basic profitability of the banking sector [4] - The reduction in deposit rates is expected to alleviate some pressure on banks' interest margins [4] Group 4: Market Expectations - The PBOC is expected to announce a corresponding 10 basis point reduction in the Loan Prime Rate (LPR) on May 20, following the recent policy rate cut [5] - The simultaneous reduction in LPR and deposit rates will help balance the asset and liability sides of the banking system, supporting net interest margins and benefiting the real economy by lowering corporate financing costs [5] Group 5: Impact on Savers - The new round of deposit rate cuts will lower the opportunity cost of holding cash for savers, potentially driving more funds into stock markets, bond markets, and wealth management products [6]